Govt moves against surprise Supreme Court 'black hole' tax ruling

Mon, 23 Sep 2019

By Pattrick Smellie Sept. 23 (BusinessDesk) - The government confirmed today it will legislate to return the tax deductible status of feasibility study spending after a surprise Supreme Court ruling three years ago up-ended the Inland Revenue Department's advice on the issue. In the final judgment of a long-running battle between Tauranga-based Trustpower and the IRD, the Supreme Court in 2016 ruled that the cost of feasibility studies should not be treated as a tax-deductible expense, even though the IRD had issued formal guidance that i...

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